近日，野村中国互联网证券研究主管史家龙在2025年野村中国投资年会上表示，中国互联网板块的市场 关注点将继续集中在两方面：一是头部互联网平台在人工智能（AI）领域的战略布局与资本投入；二 是国内即时零售赛道的持续竞争态势。 "就即时零售领域的竞争而言，我们预计四季度行业竞争强度将趋于缓和，这有望缓解相关企业在第四 季度及明年因即时零售业务扩张所造成的亏损压力。"史家龙表示，在线娱乐版块，尤其是网络游戏和 在线音乐服务，仍具韧性——作为大众消费者负担得起的娱乐方式，在宏观环境偏弱的背景下仍有望保 持稳健表现。相比之下，长视频业务因为继续受到用户持续向短视频和微短剧迁移的影响，可能继续跑 输其他娱乐细分领域。 ...

格隆汇11月17日｜博雅互动公告，截至二零二五年九月三十日止三个月，公司拥有人应占利润为2.63亿 港元，同比增长15.8%。其中，网络游戏收益为1.28亿港元，同比增长11.4%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 760, indicating a potential upside from the current price of HK$ 656.00 [1][9][12] Core Insights - The company reported a strong Q3 performance with revenues of RMB 192.9 billion, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Operating profit reached RMB 63.6 billion, up 19% year-on-year, and Non-IFRS net profit was RMB 72.6 billion, reflecting an 18% increase year-on-year [9][11] - The gaming segment showed robust growth, particularly in overseas markets, with a 43% increase in revenue. Domestic gaming revenue grew by 15%, supported by popular titles [11] - The advertising business outperformed industry averages, with a 21% increase in marketing services revenue, driven by AI enhancements [11] - The financial technology and enterprise services segment also saw a 10% increase in revenue, benefiting from growth in commercial payment activities and cloud services [11] - The company's gross margin remained high at 56%, with a 3 percentage point year-on-year increase, while capital expenditures decreased significantly [11] Summary by Sections Company Overview - The company operates in the media industry, with a market capitalization of approximately RMB 378.76 billion and a total share count of 9,144.77 million [2][3] Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 14, 2025 [3][9] Financial Performance - Projected net profits for 2025-2027 are RMB 225.3 billion, RMB 256.4 billion, and RMB 290.5 billion, respectively, with year-on-year growth rates of 16.1%, 13.8%, and 13.3% [10][11] Product Mix - The company's revenue composition includes 31.3% from financial technology and enterprise services, 30.1% from online gaming, 18.8% from social networking, and 18.5% from online advertising [4]

Core Viewpoint - Glacier Network's stock price has experienced a significant increase of 92.80% year-to-date, despite a recent decline in the last five trading days [1] Group 1: Stock Performance - On November 14, Glacier Network's stock fell by 2.00%, trading at 36.17 yuan per share with a total transaction volume of 1.42 billion yuan [1] - The stock's market capitalization is 8.48 billion yuan [1] - Year-to-date, the stock has seen a decline of 3.44% over the last five trading days, 0.63% over the last 20 days, and 8.13% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Glacier Network reported a revenue of 1.876 billion yuan, a year-on-year decrease of 5.39%, while the net profit attributable to shareholders increased by 207.49% to 502 million yuan [2] - The company has distributed a total of 1.075 billion yuan in dividends since its A-share listing, with 817 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 18.02% to 36,200, while the average number of circulating shares per person increased by 21.97% to 4,555 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 14.5496 million shares, an increase of 6.8109 million shares from the previous period [3]

Core Viewpoint - Tencent Holdings reported strong financial results for the third quarter, with significant revenue growth driven by its gaming and fintech businesses [1][3]. Financial Performance - The company achieved a revenue of 192.87 billion RMB in Q3, representing a 15% year-on-year increase [3]. - Operating profit (Non-IFRS) reached 72.57 billion RMB, up 18% compared to the previous year [3]. - Net profit attributable to equity holders was 63.13 billion RMB, a 19% increase year-on-year [3]. Business Segments - The total revenue from the online gaming business was 63.6 billion RMB, with international market game revenue growing by 43% to exceed 20.8 billion RMB [3][4]. - The ToB (Technology and Business) segment, which includes fintech and enterprise services, showed strong performance with a 10% year-on-year growth to 58.2 billion RMB [4]. Investment and User Metrics - Research and development expenditure increased by 28% to 22.8 billion RMB, marking a record high for a single quarter [5]. - As of September 30, 2025, the combined monthly active accounts for WeChat and Weixin reached 1.414 billion, a 2% increase year-on-year [6]. - QQ's mobile terminal monthly active accounts were 517 million, reflecting an 8% year-on-year decline [6].

Core Insights - Tencent Holdings reported third-quarter revenue of RMB 192.87 billion, a year-on-year increase of 15% [1][2] - Non-IFRS operating profit reached RMB 72.57 billion, up 18% year-on-year [1][2] Financial Performance - Total revenue for the third quarter was RMB 192.87 billion, compared to RMB 167.19 billion in the same period last year, reflecting a 15% growth [2] - Gross profit increased to RMB 108.80 billion, a 22% rise from RMB 88.83 billion year-on-year [2] - Operating profit was RMB 63.55 billion, up 19% from RMB 53.33 billion year-on-year [2] - Net profit attributable to equity holders was RMB 63.13 billion, a 19% increase from RMB 53.23 billion year-on-year [2] - Basic earnings per share rose to RMB 6.95, a 21% increase from RMB 5.76 year-on-year [2] Business Segments - Online gaming revenue totaled RMB 63.6 billion, with international market game revenue growing 43% year-on-year, surpassing RMB 20.8 billion [2] - ToB (Technology and Business) segment, including fintech and enterprise services, showed strong performance with a 10% increase to RMB 58.2 billion [3] - Research and development expenditure reached a record high of RMB 22.8 billion, up 28% year-on-year [4] User Metrics - As of September 30, 2025, the combined monthly active accounts for WeChat and Weixin reached 1.414 billion, a 2% increase year-on-year [4] - Monthly active accounts for QQ on mobile terminals were 517 million, reflecting an 8% year-on-year decline [4] - The number of paid value-added service subscribers remained stable at 265 million [4]

Core Insights - Nomura emphasizes China's focus on resilient, stable, and inclusive economic growth from 2026 to 2030, driven by significant investments and industrial policies, particularly in semiconductors and artificial intelligence [1][5] - The core drivers for the A-share market's future growth are policy support, liquidity, and industrial upgrades, with AI and high-value exports identified as key themes for the upcoming year [4][1] Group 1: Global Economic Resilience - Despite rising tariffs, geopolitical tensions, and fiscal pressures, the global economy shows significant resilience, supported by the AI revolution, flexible trade adjustments, and moderate monetary and fiscal policies [2] - Economic inequality is becoming more pronounced, with low-income families and small businesses struggling, posing challenges for policymakers to maintain global economic stability [2] Group 2: Asian Economic Outlook - The technology sector in Asia (excluding Japan) is expected to perform well, driven by strong demand for AI and a supercycle in storage chips, while non-tech sectors face challenges due to limited spillover effects from AI and increased tariffs on labor-intensive industries [3] - The region's solid economic fundamentals and new growth drivers, such as supply chain shifts and increased AI investment, position India, the Philippines, and Malaysia as some of the fastest-growing economies in the next decade [3] Group 3: A-share Market Dynamics - A-share valuations have expanded over the past year but remain reasonable when considering the equity risk premium in a declining risk-free rate environment [4] - The "14th Five-Year Plan" emphasizes long-term productivity upgrades and technological transformation, which will catalyze structural market trends, although improvements in earnings fundamentals are still needed [4][7] Group 4: AI and Technology Sector Developments - The trend towards a self-sufficient AI supply chain in China is becoming more evident, with significant investments in AI infrastructure and a focus on developing large language models and generative AI applications [8] - The competitive landscape in the instant retail sector is expected to stabilize, potentially alleviating losses for companies expanding in this area [8] Group 5: Entertainment Sector Insights - The online entertainment sector, particularly online gaming and music services, is expected to remain resilient, while long-form video content may continue to lag due to shifts in consumer preferences towards short videos [9]

Core Insights - The "New Three Samples" of culture, represented by online literature, online film and television, and online games, are gaining attention at the 2025 World Internet Conference in Wuzhen, focusing on their innovative development in industry integration and international dissemination [1][3]. Group 1: Industry Growth and Predictions - The micro-short drama sector has shown remarkable creativity this year, connecting hundreds of millions of users and demonstrating its potential to empower various industries [3]. - By 2027, it is predicted that the total number of Chinese online literature export works will exceed one million, with overseas revenue from web dramas expected to surpass $10 billion and online games' overseas revenue projected to exceed $25 billion [3]. Group 2: Content Quality and Cultural Values - The industry must take on greater social responsibility, particularly in managing content quality, cultural value guidance, and international compliance [3]. - Enhancing the cultural recognition of works is essential for the "New Three Samples" to achieve long-term success [3]. Group 3: Cultural Transmission and Global Reach - The key to accurately reaching global audiences lies in transforming "national" content into "global" narratives, requiring creators to be rooted in Chinese culture while possessing a global perspective [4]. - The success of Chinese micro-short dramas globally is attributed to a vast accumulation of text and a mature short-term monetization business model [4]. Group 4: Technological Advancements - Technology is becoming the core engine driving content evolution, with AI, big data, and VR significantly transforming content creation, dissemination, and experience [5]. - The global gaming industry will increasingly emphasize creativity and technology, particularly in high-quality design and visual effects within computer graphics [5].

Core Viewpoint - Glacier Network's stock price has shown significant volatility, with a year-to-date increase of 99.73%, but a recent decline of 2.01% on November 7, 2023, indicating potential market fluctuations and investor sentiment shifts [1] Company Overview - Glacier Network, established on January 21, 2008, and listed on August 18, 2016, is based in Shenzhen, China, and primarily develops large-scale multiplayer online games using proprietary engine technology [2] - The company's revenue composition is heavily reliant on online game recharge income, accounting for 99.32% of total revenue, with other income sources contributing only 0.68% [2] - As of September 30, 2023, the company had 36,200 shareholders, a decrease of 18.02% from the previous period, with an average of 4,555 shares held per shareholder, an increase of 21.97% [2] Financial Performance - For the period from January to September 2023, Glacier Network reported a revenue of 1.876 billion yuan, a year-on-year decrease of 5.39%, while the net profit attributable to shareholders increased significantly by 207.49% to 502 million yuan [2] - The company has distributed a total of 1.075 billion yuan in dividends since its A-share listing, with 817 million yuan distributed over the past three years [3] Shareholding Structure - As of September 30, 2023, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 14.5496 million shares, an increase of 6.8109 million shares from the previous period [3] - The third-largest circulating shareholder is Huaxia CSI Animation Game ETF, holding 4.7228 million shares, with an increase of 0.8231 million shares [3] - The seventh-largest circulating shareholder is Guotai CSI Animation Game ETF, holding 1.3196 million shares, marking a new entry into the shareholder list [3]

Core Points - The stock price of Glacier Network fell by 2.03% on November 4, trading at 39.19 CNY per share with a market capitalization of 9.189 billion CNY [1] - Year-to-date, Glacier Network's stock has increased by 108.90%, with a recent 3.13% rise over the last five trading days [1] Financial Performance - For the period from January to September 2025, Glacier Network reported a revenue of 1.876 billion CNY, a year-on-year decrease of 5.39%, while the net profit attributable to shareholders was 502 million CNY, reflecting a significant increase of 207.49% [2] - The company has distributed a total of 1.075 billion CNY in dividends since its A-share listing, with 817 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Glacier Network was 36,200, a decrease of 18.02% from the previous period, while the average number of tradable shares per person increased by 21.97% to 4,555 shares [2] - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 14.5496 million shares, an increase of 6.8109 million shares from the previous period [3]